Cliffs Exits Coal Mining Business As Part Of Larger U.S. Iron Ore Focused Strategy

Cliffs has sold off the Pinnacle Mine in West Virginia and the Oak Grove Mine in Alabama to Seneca Coal Resources for $268 million. In addition, Seneca Coal could pay Cliffs an earn out of up to $50 million, which is contingent upon the terms of a revenue sharing plan that extends through the year 2020. Cliffs? management had been looking to sell off its North American coal business over the course of 2015. The sale fits in well with the company?s stated strategy of focusing on its U.S. Iron Ore...